Some of the Biggest Hedge Funds Are Bleeding CashBy
Institutional clients sour on industry after mediocre returns
Perry Capital’s assets have plunged 60% since September 2015
Some of the biggest and best-known hedge funds can’t hang on to client capital.
Richard Perry, who started his hedge fund 28 years ago, has seen assets in his Perry Capital shrink to $4 billion, from $10 billion last September. That 60 percent drop comes as the firm’s main fund fell 18 percent from the end of 2013 through July.
Perry isn’t the only manager struggling. John Paulson’s assets, on the decline since 2011, are down an additional 15 percent this year. And Dan Och, who like Perry cut his teeth at Goldman Sachs Group Inc., is now managing $39.2 billion at his Och-Ziff Capital Management Group, compared with $44.6 billion at the start of the 2016…
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